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The price of crude oil rose Monday as escalating Russia-Ukraine tensions and the resignation of Libya's interim prime minister added to uncertainties about oil supplies.

After having gained ground in the course of the week, oil futures in London and New York consolidated on a high level on Friday morning. Market participants were still waiting for technical selling signals from the stochastic indicator, the lines of which had already met but not crossed. Since there were now bearish cues, however, and the supports at 900.00 USD Gasoil and at 107.00 USD Brent proved strong, oil futures kept rising in the course of the day. They were also buoyed at that time by the instable situation in Ukraine. Thus, market players - like in the weeks before - avoided short risks cutting their short positions ahead of the weekend. The fact that control over the Libyan oil terminals in Hariga and Zueitina had been handed over to the government took some pressure off the market but exports were only resumed at the weekend. Therefore, investors saw no reason for renewedly increasing their short positions. In the course of the afternoon quotations at ICE and NYMEX edged higher, the more so as US economic data came in better than expected. In late trade, investors took some profits from their speculative long positions and so oil futures lost some ground again. Still, they settled above their intraday lows.

ICE Gasoil contract for May delivery settled at 904.00 USD on Friday. This was +1.75 USD above Thursday's settlement. With some 64,800 deals, the traded volume of the front month was above average.

The lines of the stochastic indicator crossed at the Brent chart in late trade on Friday generating a selling signal. However, the indicator can be interpreted as neutral again this morning as its lines are already converging again. At the Gasoil and the WTI chart, the lines of the indicator have met but not crossed yet. Thus, the situation is similar to Friday. If the lines of the stochastic indicator cross in the course of the day, there would be a clear selling signal which might trigger technical profit taking. However, the events regarding Ukraine are currently dominating the market and so the technical constellation is losing influence.

U.S.

Nymex on average: After the latest clashes in Ukraine and with the UN Security Council having failed to mediate, oil futures rose in electronic trading this morning. The traded volume at NYMEX is on average for this time of day. Investors are now monitoring the development at stock and forex markets. They will also keep an eye on today's economic indicators and on the situation in Libya and in Ukraine.

Houston (ex-wharf indications 14-4)
380cst $595
180cst $709
MGO $987

New Orleans (ex-wharf indications 14-4)
380cst $619
180cst $701
MGO $984

Singapore (delivered indications 14-4)

WTI rose slightly with +$1.08. Singapore paper is also up with +$4.50 for 180cst and +$4.00 for 380cst for Apr, and for May 180 cst +$4.25 and 380cst +$3.25 with MGO contracts being bearish Apr +$1.00 and May +$1.02. The cargo market is bearish with 180 cst -$1.19, 380cst -$1.00 and MGO -$0.77.

380cst $592
180cst $608
MGO $915

Fujairah (delivered indications 14-4)

380cst $600
180cst $638
MGO $982

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $585
(1.0 %) : $639
180cst: $622
MGO 0.1%S: $883